According to the Canadian government, one should be wary when choosing accounting firms in Toronto, because not all firms are the same. For that matter, not all accountants or auditors are the same. According to the Service Canada website, barely 60% of financial auditors and accountants had at least a bachelor’s degree in 2006. In order to receive certifications or to become members of Canadas highest accounting orders, accountants must possess a related bachelors degree, and must also meet the testing requirements and credential and experience requirements to do so. There are a number of methods that you can use as a business owner to choose the best accounting firms in Canada for your auditing and record keeping needs. The following tips can help you do so expeditiously.
One of the surest ways to find a reliable and reputable accountant is by asking for referral from your family or friends or business associates. Generally, a personal referral is the best because you can rely upon the satisfactory personal experience that others had to make your decision. You can also research accountants online, but you will want to consider several options and utilize some other tips offered in this guide before making your final decision.
Verify Their Credentials
You want to ensure that you are hiring an experienced and certified accountant. In order to do this, make sure you ask for references from any accountant that you are considering. At the very minimum, accountants in Canada are required to be certified as a Chartered Professional Accountant (CPA) by the CPA organization in this nation. To pass this test, they are mandated to take a Uniform Evaluation (UFE) test, a three day course that assesses their skills. Continued education can also be sought, with a number of higher levels of degrees, certifications and credentials that can be earned for more advanced accounting careers.
Schedule a Meeting
Prepare a list of questions that you intend to ask your accountant during a scheduled preliminary meeting. For example, if you run an online business, you will want ask them how familiar they are with ecommerce. If you run businesses that accept funds from other nations, like the United States, you will want to ensure that your accountant is experienced enough to handle international tax transactions. Make sure you prepare a meaningful list of questions to ask before each meeting to ensure that you are well informed.
Inquire About Fees & Billing
Since you will be paying for their services, you will want to also inquire about associated fees. Some accountants bill by the quarter hour, others by the hour and some by a flat rate. Always understand what type of bill that you will be receiving from your accountant to ensure you are aware of what fees will be necessary to ensure receipt of these vital bookkeeping services. Finding an accountant need not be a hassle. Being prepared well in advance can help you create a lasting relationship with a reliable and reputable record keeper.